Rio Tinto Group (NYSE:RIO) Shares Sold by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. lowered its stake in Rio Tinto Group (NYSE:RIO - Free Report) by 18.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 590,000 shares of the mining company's stock after selling 135,000 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Rio Tinto Group were worth $34,698,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in RIO. Fisher Asset Management LLC boosted its stake in shares of Rio Tinto Group by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company's stock worth $1,035,319,000 after buying an additional 76,368 shares during the last quarter. Franklin Resources Inc. grew its position in Rio Tinto Group by 1.4% during the fourth quarter. Franklin Resources Inc. now owns 5,115,476 shares of the mining company's stock valued at $300,841,000 after buying an additional 70,131 shares during the period. FMR LLC increased its holdings in Rio Tinto Group by 24.6% during the fourth quarter. FMR LLC now owns 1,721,690 shares of the mining company's stock valued at $101,253,000 after buying an additional 339,924 shares during the last quarter. Todd Asset Management LLC boosted its stake in shares of Rio Tinto Group by 1.0% during the 4th quarter. Todd Asset Management LLC now owns 1,068,182 shares of the mining company's stock worth $62,820,000 after acquiring an additional 10,062 shares during the last quarter. Finally, Palliser Capital UK Ltd grew its position in shares of Rio Tinto Group by 213.8% during the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company's stock valued at $58,188,000 after acquiring an additional 674,117 shares during the period. Hedge funds and other institutional investors own 19.33% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They issued an "overweight" rating for the company. Clarkson Capital raised Rio Tinto Group to a "strong-buy" rating in a research note on Friday, February 28th. DZ Bank upgraded shares of Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. StockNews.com lowered Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Monday. Finally, Jefferies Financial Group reduced their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Rio Tinto Group currently has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Group Stock Down 2.9 %

Shares of NYSE RIO traded down $1.78 during midday trading on Wednesday, reaching $59.10. 1,642,991 shares of the company's stock traded hands, compared to its average volume of 2,853,840. The stock's 50 day simple moving average is $60.13 and its 200-day simple moving average is $61.47. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The company has a market cap of $74.11 billion, a price-to-earnings ratio of 9.16, a P/E/G ratio of 0.42 and a beta of 0.66. Rio Tinto Group has a one year low of $51.67 and a one year high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, March 7th were given a dividend of $2.23 per share. The ex-dividend date was Friday, March 7th. This is a positive change from Rio Tinto Group's previous semi-annual dividend of $1.77. This represents a yield of 7%. Rio Tinto Group's dividend payout ratio (DPR) is currently 69.15%.

Rio Tinto Group Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.